Edison International Reports Second-Quarter 2024 Results
Edison International (NYSE: EIX) reported its second-quarter 2024 results, showing a net income of $439 million or $1.14 per share, up from $354 million or $0.92 per share in the same period last year. Core earnings were $475 million or $1.23 per share, compared to $388 million or $1.01 per share last year. The increase in earnings is attributed to higher revenue from SCE's General Rate Case (GRC) and an adjusted rate of return on capital. Edison reaffirmed its 2024 EPS guidance of $4.75-$5.05 and its long-term core EPS growth rate targets of 5%-7% for 2021-2025 and 2025-2028.
Southern California Edison (SCE) has completed 84% of its planned hardening of distribution lines in high fire risk areas. The 2025 GRC proceeding is on track with several partial settlements. Additionally, Edison announced a $200 million stock repurchase program effective from July 2024 to December 2025, aimed at offsetting dilution from stock issued under its long-term incentive plans.
Edison International (NYSE: EIX) ha riportato i suoi risultati del secondo trimestre 2024, mostrando un reddito netto di 439 milioni di dollari o 1,14 dollari per azione, in aumento rispetto ai 354 milioni di dollari o 0,92 dollari per azione nello stesso periodo dell’anno precedente. Gli utili core sono stati di 475 milioni di dollari o 1,23 dollari per azione, rispetto ai 388 milioni di dollari o 1,01 dollari per azione dell'anno scorso. L'aumento degli utili è attribuito a maggiori entrate dal caso tariffario generale (GRC) di SCE e a un tasso di rendimento corretto sul capitale. Edison ha ribadito la sua guidance per l'EPS 2024 di 4,75-5,05 dollari e i suoi obiettivi di crescita a lungo termine dell'EPS core del 5%-7% per il periodo 2021-2025 e 2025-2028.
Southern California Edison (SCE) ha completato l'84% della prevista indurimento delle linee di distribuzione nelle aree ad alto rischio di incendio. Il procedimento GRC 2025 è sulla buona strada con diversi accordi parziali. Inoltre, Edison ha annunciato un programma di riacquisto di azioni da 200 milioni di dollari efficace da luglio 2024 a dicembre 2025, con l'obiettivo di compensare la diluizione delle azioni emesse nell'ambito dei suoi piani di incentivazione a lungo termine.
Edison International (NYSE: EIX) reportó sus resultados del segundo trimestre de 2024, mostrando un ingreso neto de 439 millones de dólares o 1.14 dólares por acción, en comparación con 354 millones de dólares o 0.92 dólares por acción en el mismo período del año pasado. Las ganancias centrales fueron de 475 millones de dólares o 1.23 dólares por acción, en comparación con 388 millones de dólares o 1.01 dólares por acción del año anterior. El aumento en las ganancias se atribuye a mayores ingresos del caso de tarifa general (GRC) de SCE y a un rendimiento ajustado sobre el capital. Edison reafirmó su guía de EPS 2024 de 4.75 a 5.05 dólares y sus objetivos de crecimiento de EPS central a largo plazo del 5%-7% para 2021-2025 y 2025-2028.
Southern California Edison (SCE) ha completado el 84% del endurecimiento planificado de las líneas de distribución en áreas de alto riesgo de incendios. El procedimiento GRC 2025 está en marcha con varios acuerdos parciales. Además, Edison anunció un programa de recompra de acciones de 200 millones de dólares que será efectivo desde julio de 2024 hasta diciembre de 2025, dirigido a compensar la dilución de acciones emitidas bajo sus planes de incentivos a largo plazo.
Edison International (NYSE: EIX)는 2024년 2분기 실적을 발표하면서 순이익이 4억 3,900만 달러 또는 주당 1.14달러로 작년 같은 기간의 3억 5,400만 달러 또는 주당 0.92달러에서 증가했다고 전했습니다. 핵심 수익은 4억 7,500만 달러 또는 주당 1.23달러로, 작년의 3억 8,800만 달러 또는 주당 1.01달러와 비교됩니다. 수익 증가의 원인은 SCE의 일반 요금 사례(GRC)로 인한 수익 증가와 자본에 대한 조정된 수익률 때문이라고 합니다. Edison은 2024 EPS 가이던스를 4.75-5.05달러로 유지하며, 2021-2025 및 2025-2028년 동안의 장기 핵심 EPS 성장률 목표를 5%-7%로 설정했습니다.
Southern California Edison (SCE)는 화재 위험이 높은 지역의 배전선 강화 계획의 84%를 완료했습니다. 2025 GRC 절차는 여러 부분 합의와 함께 순조롭게 진행되고 있습니다. 또한, Edison은 2억 달러 규모의 자사주 매입 프로그램을 발표하였으며, 이는 2024년 7월부터 2025년 12월까지 시행되어 장기 인센티브 계획에 따라 발행된 주식의 희석을 상쇄하는 데 목적이 있습니다.
Edison International (NYSE: EIX) a annoncé ses résultats du deuxième trimestre 2024, révélant un bénéfice net de 439 millions de dollars ou 1,14 dollar par action, en hausse par rapport à 354 millions de dollars ou 0,92 dollar par action pour la même période l'année dernière. Les bénéfices de base ont atteint 475 millions de dollars ou 1,23 dollar par action, contre 388 millions de dollars ou 1,01 dollar par action l'année précédente. L'augmentation des bénéfices est attribuée à des revenus plus élevés issus du cas tarifaire général (GRC) de SCE et à un rendement ajusté du capital. Edison a réaffirmé ses previsions de BPA 2024 de 4,75 à 5,05 dollars et ses objectifs de croissance à long terme du BPA de base de 5%-7% pour 2021-2025 et 2025-2028.
Southern California Edison (SCE) a complété 84% de son renforcement prévu des lignes de distribution dans les zones à haut risque d'incendie. La procédure GRC 2025 est sur la bonne voie avec plusieurs règlements partiels. De plus, Edison a annoncé un programme de rachat d'actions de 200 millions de dollars qui sera effectif de juillet 2024 à décembre 2025, visant à compenser la dilution des actions émises dans le cadre de ses plans d'incitation à long terme.
Edison International (NYSE: EIX) hat seine Ergebnisse des zweiten Quartals 2024 veröffentlicht, mit einem Nettogewinn von 439 Millionen Dollar oder 1,14 Dollar pro Aktie, gegenüber 354 Millionen Dollar oder 0,92 Dollar pro Aktie im gleichen Zeitraum des Vorjahres. Die Kerngewinne beliefen sich auf 475 Millionen Dollar oder 1,23 Dollar pro Aktie, im Vergleich zu 388 Millionen Dollar oder 1,01 Dollar pro Aktie im Vorjahr. Der Gewinnanstieg wird auf höhere Einnahmen aus dem allgemeinen Tarifsystem (GRC) von SCE und eine angepasste Kapitalrendite zurückgeführt. Edison bestätigte seine EPS-Prognose für 2024 von 4,75-5,05 Dollar und die langfristigen Wachstumsziele für den Kern-EPS von 5%-7% für die Jahre 2021-2025 und 2025-2028.
Southern California Edison (SCE) hat 84% der geplanten Verstärkung der Verteilungsleitungen in Bereichen mit hohem Brandrisiko abgeschlossen. Das GRC-Verfahren 2025 verläuft planmäßig mit mehreren Teilvereinbarungen. Darüber hinaus gab Edison ein Aktienrückkaufprogramm in Höhe von 200 Millionen Dollar bekannt, das von Juli 2024 bis Dezember 2025 in Kraft treten soll, um die Verwässerung durch unter seinen langfristigen Anreizplänen ausgegebene Aktien auszugleichen.
- Net income increased to $439 million, up from $354 million YoY.
- Core earnings rose to $475 million, up from $388 million YoY.
- EPS guidance for 2024 reaffirmed at $4.75-$5.05.
- Long-term EPS growth rate targets of 5-7% for 2021-2025 and 2025-2028.
- 84% of planned distribution line hardening in high fire risk areas completed.
- 2025 GRC proceeding includes several partial settlements.
- Announced $200 million stock repurchase program.
- Higher interest expense partially offset earnings.
Insights
Edison International's Q2 2024 results demonstrate solid financial performance and progress on key initiatives. The company reported
Key drivers of the improved performance include:
- Higher revenue authorized in SCE's 2021 General Rate Case Track 4
- Increased authorized rate of return from cost of capital adjustment
- Recognition of previously unrecognized return on wildfire restoration rate base
These positives were partially offset by higher interest expenses. The company's reaffirmation of its 2024 core EPS guidance of
The 84% completion of distribution line hardening in high fire risk areas is a significant milestone, potentially reducing future wildfire-related risks and costs. The progress in SCE's 2025 General Rate Case, including partial settlements, bodes well for future authorized investments and rate base growth.
The newly authorized
Perhaps most notably, SCE's updated 10-year load growth forecast of
Edison International's Q2 results highlight critical developments in grid infrastructure and load forecasting that warrant attention. The 84% completion of distribution line hardening in high fire risk areas is a significant achievement in improving grid resilience. This proactive approach to wildfire mitigation is important in California's challenging climate conditions and could potentially lead to reduced insurance costs and regulatory risks in the long term.
The most striking revelation is SCE's updated 10-year load growth forecast, projecting a
- Accelerated electrification of transportation and buildings
- Increased adoption of data centers and other high-energy-consuming technologies
- Population growth and economic development in SCE's service area
This forecast has profound implications for grid planning and investment. SCE will need to significantly expand and modernize its infrastructure to meet this demand surge while maintaining reliability and supporting the integration of renewable energy sources. This presents both a challenge and an opportunity for Edison International, potentially driving substantial long-term rate base growth and supporting the company's 5-7% EPS CAGR target through 2028.
Investors should closely monitor the regulatory response to these infrastructure needs, as timely approval of investments will be important for SCE to meet the projected demand growth efficiently and maintain grid reliability.
-
Second-quarter 2024 GAAP EPS of
; Core EPS of$1.14 $1.23 -
SCE reaches another milestone in hardening distribution lines in high fire risk areas:
84% of planned hardening complete - 2025 GRC proceeding on track. Additionally, SCE has reached partial settlements with intervenors
-
Reaffirms 2024 core EPS guidance of
$4.75 -$5.05 -
Reiterates long-term core EPS growth rate targets of
5% -7% for 2021-2025 and5% -7% for 2025-2028
Southern California Edison’s second-quarter 2024 core earnings per share (EPS) increased year over year, primarily due to higher revenue authorized in Track 4 of SCE’s 2021 General Rate Case, an increase in the authorized rate of return resulting from the cost of capital adjustment mechanism, and recognition of previously unrecognized return on rate base related to wildfire restoration efforts. This was partially offset by higher interest expense.
Edison International Parent and Other’s second-quarter 2024 core loss per share was in line with the same period in the prior year.
"With a strong start to the first half of the year, we are confident in reaffirming our 2024 core EPS guidance of
Pizarro added, “SCE’s latest 10-year load growth forecast calls for
Edison International uses core earnings internally for financial planning and analysis of performance. Core earnings are also used when communicating with investors and analysts regarding Edison International’s earnings results to facilitate comparisons of the company’s performance from period to period. Please see the attached tables to reconcile core earnings to basic GAAP earnings.
Share Repurchase Program
On June 26, 2024, the Edison International Board of Directors authorized a stock repurchase program effective July 29, 2024, for repurchase of up to
The timing and the amount of any repurchased common stock will be determined by Edison International's management based on their evaluation of market conditions and other factors. The repurchase program may be executed through various methods, including open market purchases, privately negotiated transactions, and other transactions in accordance with applicable securities laws. Any repurchased shares of common stock will be retired. The repurchase program does not obligate the company to acquire any particular amount of common stock, and it may be suspended or discontinued at any time in its discretion.
2024 Earnings Guidance
The company reaffirmed its earnings guidance range for 2024 as summarized in the following chart. See the presentation accompanying the company’s conference call for further information and assumptions.
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2024 Earnings Guidance |
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2024 Earnings Guidance |
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as of Apr. 30, 2024 |
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as of July 25, 2024 |
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Low |
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High |
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Low |
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High |
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EIX Basic EPS |
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$ |
3.59 |
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$ |
3.89 |
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$ |
3.49 |
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$ |
3.79 |
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Less: Non-core Items* |
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(1.16 |
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(1.16 |
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(1.26 |
) |
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(1.26 |
) |
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EIX Core EPS |
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$ |
4.75 |
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$ |
5.05 |
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$ |
4.75 |
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$ |
5.05 |
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* There were |
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Second-Quarter 2024 Earnings Conference Call and Webcast Details
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When: |
Thursday, July 25, 1:30-2:30 p.m. (PDT) |
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Telephone Numbers: |
1-888-673-9780 ( |
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Telephone Replay: |
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1-866-405-7293 ( |
Telephone replay available through Aug. 7 at 6 p.m. (PDT) |
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Webcast: |
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Edison International has posted its earnings conference call prepared remarks by the CEO and CFO, the teleconference presentation and Form 10-Q to the company’s investor relations website. These materials are available at edisoninvestor.com.
About Edison International
Edison International (NYSE: EIX) is one of the nation’s largest electric utility holding companies, focused on providing clean and reliable energy and energy services through its independent companies. Headquartered in
Appendix
Use of Non-GAAP Financial Measures
Edison International’s earnings are prepared in accordance with generally accepted accounting principles used in
Core earnings and core EPS are non-GAAP financial measures and may not be comparable to those of other companies. Core earnings and core EPS are defined as basic earnings and basic EPS excluding income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings. Basic earnings and losses refer to net income or losses attributable to Edison International shareholders. Core earnings are reconciled to basic earnings in the attached tables. The impact of participating securities (vested awards that earn dividend equivalents that may participate in undistributed earnings with common stock) for the principal operating subsidiary is not material to the principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which is included in Edison International Parent and Other.
Safe Harbor Statement
Statements contained in this presentation about future performance, including, without limitation, operating results, capital expenditures, rate base growth, dividend policy, financial outlook, and other statements that are not purely historical, are forward-looking statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. These forward-looking statements represent our expectations only as of the date of this presentation, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Important factors that could cause different results include, but are not limited to the:
- ability of SCE to recover its costs through regulated rates, timely or at all, including uninsured wildfire-related and debris flow-related costs (including amounts paid for self-insured retention and co-insurance), costs incurred to mitigate the risk of utility equipment causing future wildfires, and increased costs due to supply chain constraints, inflation and rising interest rates;
- impact of affordability of customer rates on SCE's ability to execute its strategy, including the impact of affordability on the regulatory approval of operations and maintenance expenses, and proposed capital investment projects;
- ability of SCE to implement its operational and strategic plans, including its Wildfire Mitigation Plan and capital program;
- risks of regulatory or legislative restrictions that would limit SCE's ability to implement operational measures to mitigate wildfire risk, including Public Safety Power Shutoff (“PSPS”) and fast curve settings, when conditions warrant or would otherwise limit SCE's operational practices relative to wildfire risk mitigation;
- ability of SCE to obtain safety certifications from the Office of Energy Infrastructure Safety of the California Natural Resources Agency (“OEIS”);
-
risk that California Assembly Bill 1054 (“AB 1054”) does not effectively mitigate the significant exposure faced by
California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are alleged to be a substantial cause, including the longevity of the Wildfire Insurance Fund and the California Public Utilities Commission (“CPUC”) interpretation of and actions under AB 1054, including its interpretation of the prudency standard clarified by AB 1054; - risks associated with the operation of electrical facilities, including worker and public safety issues, the risk of utility assets causing or contributing to wildfires, failure, availability, efficiency, and output of equipment and facilities, and availability and cost of spare parts;
- physical security of Edison International’s and SCE’s critical assets and personnel and the cybersecurity of Edison International’s and SCE’s critical information technology systems for grid control, and business, employee and customer data;
- ability of Edison International and SCE to effectively attract, manage, develop and retain a skilled workforce, including its contract workers;
- decisions and other actions by the CPUC, the Federal Energy Regulatory Commission, and the United States Nuclear Regulatory Commission and other governmental authorities, including decisions and actions related to nationwide or statewide crisis, determinations of authorized rates of return or return on equity, the recoverability of wildfire-related and debris flow-related costs, issuance of SCE's wildfire safety certification, wildfire mitigation efforts, approval and implementation of electrification programs, and delays in executive, regulatory and legislative actions;
- potential for penalties or disallowances for non-compliance with applicable laws and regulations, including fines, penalties and disallowances related to wildfires where SCE's equipment is alleged to be associated with ignition;
- extreme weather-related incidents (including events caused, or exacerbated, by climate change, such as wildfires, debris flows, flooding, droughts, high wind events and extreme heat events) and other natural disasters (such as earthquakes), which could cause, among other things, public safety issues, property damage, rotating outages and other operational issues (such as issues due to damaged infrastructure), PSPS activations and unanticipated costs;
- cost and availability of labor, equipment and materials, including as a result of supply chain constraints and inflation;
- ability of Edison International or SCE to borrow funds and access bank and capital markets on reasonable terms;
- risks associated with the decommissioning of San Onofre, including those related to worker and public safety, public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel and other radioactive material, delays, contractual disputes, and cost overruns;
- risks associated with cost allocation resulting in higher rates for utility bundled service customers because of possible customer bypass or departure for other electricity providers such as Community Choice Aggregators (“CCA,” which are cities, counties, and certain other public agencies with the authority to generate and/or purchase electricity for their local residents and businesses) and Electric Service Providers (entities that offer electric power and ancillary services to retail customers, other than electrical corporations (like SCE) and CCAs);
- risks inherent in SCE’s capital investment program, including those related to project site identification, public opposition, environmental mitigation, construction, permitting, contractor performance, changes in the California Independent System Operator’s transmission plans, and governmental approvals; and
- actions by credit rating agencies to downgrade Edison International or SCE’s credit ratings or to place those ratings on negative watch or negative outlook.
Additional information about risks and uncertainties is contained in Edison International and SCE’s most recent combined Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent Quarterly Report(s) on Form 10-Q filed with the Securities and Exchange commission, including the "Risk Factors" sections. Readers are urged to read this entire release as well as the most recent Form 10-K and Form 10-Q (including information incorporated by reference), and carefully consider the risks, uncertainties, and other factors that affect Edison International's and SCE's businesses. Edison International and SCE post or provide direct links (i) to certain SCE and other parties' regulatory filings and documents with the CPUC and the FERC and certain agency rulings and notices in open proceedings in a section titled "SCE Regulatory Highlights," (ii) to certain documents and information related to
These forward-looking statements represent our expectations only as of the date of this news release, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Readers should review future reports filed by Edison International and SCE with the SEC.
Second Quarter Reconciliation of Basic Earnings Per Share to Core Earnings Per Share |
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Three months ended |
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Six months ended |
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June 30, |
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June 30, |
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2024 |
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2023 |
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Change |
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2024 |
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2023 |
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Change |
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Earnings (loss) per share available to Edison International |
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SCE |
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$ |
1.36 |
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$ |
1.09 |
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$ |
0.27 |
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$ |
1.52 |
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$ |
2.06 |
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$ |
(0.54 |
) |
Edison International Parent and Other |
|
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(0.22 |
) |
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(0.17 |
) |
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(0.05 |
) |
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(0.41 |
) |
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(0.33 |
) |
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(0.08 |
) |
Edison International |
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1.14 |
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0.92 |
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0.22 |
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1.11 |
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1.73 |
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(0.62 |
) |
Less: Non-core items |
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SCE |
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(0.09 |
) |
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(0.14 |
) |
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0.05 |
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(1.26 |
) |
|
|
(0.46 |
) |
|
|
(0.80 |
) |
Edison International Parent and Other |
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— |
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0.05 |
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|
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(0.05 |
) |
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— |
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|
|
0.09 |
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|
|
(0.09 |
) |
Total non-core items |
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(0.09 |
) |
|
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(0.09 |
) |
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— |
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|
|
(1.26 |
) |
|
|
(0.37 |
) |
|
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(0.89 |
) |
Core earnings (loss) per share |
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SCE |
|
|
1.45 |
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|
|
1.23 |
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|
|
0.22 |
|
|
|
2.78 |
|
|
|
2.52 |
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|
0.26 |
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Edison International Parent and Other |
|
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(0.22 |
) |
|
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(0.22 |
) |
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0.00 |
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|
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(0.41 |
) |
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(0.42 |
) |
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|
0.01 |
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Edison International |
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$ |
1.23 |
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$ |
1.01 |
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$ |
0.22 |
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$ |
2.37 |
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$ |
2.10 |
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$ |
0.27 |
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Note: Diluted earnings were |
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Second Quarter Reconciliation of Basic Earnings Per Share to Core Earnings (in millions) |
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Three months ended |
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Six months ended |
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June 30, |
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June 30, |
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(in millions) |
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2024 |
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2023 |
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Change |
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2024 |
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2023 |
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Change |
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Net income (loss) available to Edison International |
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SCE |
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$ |
523 |
|
|
$ |
420 |
|
|
$ |
103 |
|
|
$ |
588 |
|
|
$ |
790 |
|
|
$ |
(202 |
) |
Edison International Parent and Other |
|
|
(84 |
) |
|
|
(66 |
) |
|
|
(18 |
) |
|
|
(160 |
) |
|
|
(126 |
) |
|
|
(34 |
) |
Edison International |
|
|
439 |
|
|
|
354 |
|
|
|
85 |
|
|
|
428 |
|
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|
664 |
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(236 |
) |
Less: Non-core items |
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||||||
SCE1,2,3,4,5,6 |
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|
(36 |
) |
|
|
(51 |
) |
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|
15 |
|
|
|
(484 |
) |
|
|
(175 |
) |
|
|
(309 |
) |
Edison International Parent and Other7 |
|
|
— |
|
|
|
17 |
|
|
|
(17 |
) |
|
|
(1 |
) |
|
|
35 |
|
|
|
(36 |
) |
Total non-core items |
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|
(36 |
) |
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|
(34 |
) |
|
|
(2 |
) |
|
|
(485 |
) |
|
|
(140 |
) |
|
|
(345 |
) |
Core earnings (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SCE |
|
|
559 |
|
|
|
471 |
|
|
|
88 |
|
|
|
1,072 |
|
|
|
965 |
|
|
|
107 |
|
Edison International Parent and Other |
|
|
(84 |
) |
|
|
(83 |
) |
|
|
(1 |
) |
|
|
(159 |
) |
|
|
(161 |
) |
|
|
2 |
|
Edison International |
|
$ |
475 |
|
|
$ |
388 |
|
|
$ |
87 |
|
|
$ |
913 |
|
|
$ |
804 |
|
|
$ |
109 |
|
1 |
Includes charges for 2017/2018 Wildfire/Mudslide Events claims and expenses, net of recoveries of |
|
2 |
Includes charges for Other Wildfires claims and related legal expenses, net of expected insurance and regulatory recoveries of |
|
3 |
Includes amortization of SCE's Wildfire Insurance Fund expenses of |
|
4 |
Includes a charge |
|
5 |
Includes an insurance recovery of |
|
6 |
Includes a charge related to customer cancellations of certain ECS data services of |
|
7 |
Includes expected wildfire claims of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consolidated Statements of Income |
|
Edison International |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three months ended |
|
Six months ended |
||||||||||||
|
|
June 30, |
|
June 30, |
||||||||||||
(in millions, except per-share amounts) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Operating revenue |
|
$ |
4,336 |
|
|
$ |
3,964 |
|
|
$ |
8,414 |
|
|
$ |
7,930 |
|
Purchased power and fuel |
|
|
1,234 |
|
|
|
1,147 |
|
|
|
2,242 |
|
|
|
2,465 |
|
Operation and maintenance |
|
|
1,285 |
|
|
|
1,241 |
|
|
|
2,602 |
|
|
|
2,325 |
|
Wildfire-related claims, net of insurance recoveries |
|
|
— |
|
|
|
— |
|
|
|
615 |
|
|
|
96 |
|
Wildfire Insurance Fund expense |
|
|
37 |
|
|
|
53 |
|
|
|
73 |
|
|
|
105 |
|
Depreciation and amortization |
|
|
726 |
|
|
|
650 |
|
|
|
1,428 |
|
|
|
1,306 |
|
Property and other taxes |
|
|
154 |
|
|
|
149 |
|
|
|
309 |
|
|
|
289 |
|
Total operating expenses |
|
|
3,436 |
|
|
|
3,240 |
|
|
|
7,269 |
|
|
|
6,586 |
|
Operating income |
|
|
900 |
|
|
|
724 |
|
|
|
1,145 |
|
|
|
1,344 |
|
Interest expense |
|
|
(480 |
) |
|
|
(392 |
) |
|
|
(924 |
) |
|
|
(753 |
) |
Other income, net |
|
|
148 |
|
|
|
128 |
|
|
|
286 |
|
|
|
247 |
|
Income before income taxes |
|
|
568 |
|
|
|
460 |
|
|
|
507 |
|
|
|
838 |
|
Income tax expense (benefit) |
|
|
59 |
|
|
|
51 |
|
|
|
(54 |
) |
|
|
64 |
|
Net income |
|
|
509 |
|
|
|
409 |
|
|
|
561 |
|
|
|
774 |
|
Less: Net income attributable to noncontrolling interests - preference stock of SCE |
|
|
49 |
|
|
|
29 |
|
|
|
90 |
|
|
|
58 |
|
Preferred stock dividend requirements of Edison International |
|
|
21 |
|
|
|
26 |
|
|
|
43 |
|
|
|
52 |
|
Net income available to Edison International common shareholders |
|
$ |
439 |
|
|
|
354 |
|
|
$ |
428 |
|
|
|
664 |
|
Basic earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares of common stock outstanding |
|
|
385 |
|
|
|
383 |
|
|
|
385 |
|
|
|
383 |
|
Basic earnings per common share available to Edison International common shareholders |
|
$ |
1.14 |
|
|
|
0.92 |
|
|
$ |
1.11 |
|
|
$ |
1.73 |
|
Diluted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares of common stock outstanding, including effect of dilutive securities |
|
|
388 |
|
|
|
385 |
|
|
|
387 |
|
|
|
385 |
|
Diluted earnings per common share available to Edison International common shareholders |
|
$ |
1.13 |
|
|
|
0.92 |
|
|
$ |
1.11 |
|
|
$ |
1.73 |
|
|
|
|
|
|
|
|
Consolidated Balance Sheets |
|
Edison International |
||||
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
(in millions) |
|
2024 |
|
2023 |
||
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
465 |
|
$ |
345 |
Receivables, less allowances of |
|
|
2,020 |
|
|
2,016 |
Accrued unbilled revenue |
|
|
1,007 |
|
|
742 |
Inventory |
|
|
534 |
|
|
527 |
Prepaid expenses |
|
|
103 |
|
|
112 |
Regulatory assets |
|
|
3,910 |
|
|
2,524 |
Wildfire Insurance Fund contributions |
|
|
138 |
|
|
204 |
Other current assets |
|
|
335 |
|
|
341 |
Total current assets |
|
|
8,512 |
|
|
6,811 |
Nuclear decommissioning trusts |
|
|
4,292 |
|
|
4,173 |
Other investments |
|
|
71 |
|
|
54 |
Total investments |
|
|
4,363 |
|
|
4,227 |
Utility property, plant and equipment, less accumulated depreciation and amortization of |
|
|
57,144 |
|
|
55,877 |
Nonutility property, plant and equipment, less accumulated depreciation of |
|
|
205 |
|
|
207 |
Total property, plant and equipment |
|
|
57,349 |
|
|
56,084 |
Regulatory assets (include |
|
|
8,658 |
|
|
8,897 |
Wildfire Insurance Fund contributions |
|
|
1,948 |
|
|
1,951 |
Operating lease right-of-use assets |
|
|
1,201 |
|
|
1,221 |
Long-term insurance receivables |
|
|
496 |
|
|
501 |
Other long-term assets |
|
|
2,291 |
|
|
2,066 |
Total long-term assets |
|
|
14,594 |
|
|
14,636 |
|
|
|
|
|
|
|
Total assets |
|
$ |
84,818 |
|
$ |
81,758 |
|
|
|
|
|
|
|
||
Consolidated Balance Sheets |
|
Edison International |
||||||
|
|
|
|
|
|
|
||
|
|
June 30, |
|
|
December 31, |
|||
(in millions, except share amounts) |
|
2024 |
|
|
2023 |
|
||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
||
Short-term debt |
|
$ |
1,505 |
|
|
$ |
1,077 |
|
Current portion of long-term debt |
|
|
1,698 |
|
|
|
2,697 |
|
Accounts payable |
|
|
1,892 |
|
|
|
1,983 |
|
Wildfire-related claims |
|
|
31 |
|
|
|
30 |
|
Customer deposits |
|
|
443 |
|
|
|
390 |
|
Regulatory liabilities |
|
|
1,193 |
|
|
|
763 |
|
Current portion of operating lease liabilities |
|
|
125 |
|
|
|
120 |
|
Other current liabilities |
|
|
1,387 |
|
|
|
1,538 |
|
Total current liabilities |
|
|
8,274 |
|
|
|
8,598 |
|
Long-term debt (include |
|
|
33,099 |
|
|
|
30,316 |
|
Deferred income taxes and credits |
|
|
6,863 |
|
|
|
6,672 |
|
Pensions and benefits |
|
|
406 |
|
|
|
415 |
|
Asset retirement obligations |
|
|
2,668 |
|
|
|
2,666 |
|
Regulatory liabilities |
|
|
9,900 |
|
|
|
9,420 |
|
Operating lease liabilities |
|
|
1,076 |
|
|
|
1,101 |
|
Wildfire-related claims |
|
|
1,219 |
|
|
|
1,368 |
|
Other deferred credits and other long-term liabilities |
|
|
3,445 |
|
|
|
3,258 |
|
Total deferred credits and other liabilities |
|
|
25,577 |
|
|
|
24,900 |
|
Total liabilities |
|
|
66,950 |
|
|
|
63,814 |
|
Preferred stock (50,000,000 shares authorized; 1,159,317 and 1,159,317 shares of Series A and 503,454 and 532,454 shares of Series B issued and outstanding at respective dates) |
|
|
1,645 |
|
|
|
1,673 |
|
Common stock, no par value (800,000,000 shares authorized; 386,099,652 and 383,924,912 shares issued and outstanding at respective dates) |
|
|
6,461 |
|
|
|
6,338 |
|
Accumulated other comprehensive loss |
|
|
(8 |
) |
|
|
(9 |
) |
Retained earnings |
|
|
7,326 |
|
|
|
7,499 |
|
Total Edison International's shareholders' equity |
|
|
15,424 |
|
|
|
15,501 |
|
Noncontrolling interests – preference stock of SCE |
|
|
2,444 |
|
|
|
2,443 |
|
Total equity |
|
|
17,868 |
|
|
|
17,944 |
|
|
|
|
|
|
|
|
||
Total liabilities and equity |
|
$ |
84,818 |
|
|
$ |
81,758 |
|
|
|
|
|
|
|
|
||
Consolidated Statements of Cash Flows |
|
Edison International |
||||||
|
|
|
|
|
|
|
||
|
|
|
||||||
|
|
Six months ended June 30, |
||||||
(in millions) |
|
2024 |
|
|
2023 |
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net income |
|
$ |
561 |
|
|
$ |
774 |
|
Adjustments to reconcile to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
1,454 |
|
|
|
1,371 |
|
Allowance for equity during construction |
|
|
(96 |
) |
|
|
(75 |
) |
Deferred income taxes |
|
|
(52 |
) |
|
|
63 |
|
Wildfire Insurance Fund amortization expense |
|
|
73 |
|
|
|
105 |
|
Other |
|
|
21 |
|
|
|
30 |
|
Nuclear decommissioning trusts |
|
|
(41 |
) |
|
|
(60 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Receivables |
|
|
(66 |
) |
|
|
(46 |
) |
Inventory |
|
|
(10 |
) |
|
|
(44 |
) |
Accounts payable |
|
|
101 |
|
|
|
(415 |
) |
Other current assets and liabilities |
|
|
(444 |
) |
|
|
(107 |
) |
Derivative assets and liabilities, net |
|
|
(25 |
) |
|
|
(151 |
) |
Regulatory assets and liabilities, net |
|
|
(106 |
) |
|
|
(366 |
) |
Wildfire-related claims |
|
|
(148 |
) |
|
|
(428 |
) |
Other noncurrent assets and liabilities |
|
|
150 |
|
|
|
61 |
|
Net cash provided by operating activities |
|
|
1,372 |
|
|
|
712 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
||
Long-term debt issued, net of discount and issuance costs of |
|
|
4,216 |
|
|
|
4,133 |
|
Long-term debt repaid |
|
|
(1,725 |
) |
|
|
(1,466 |
) |
Short-term debt issued |
|
|
— |
|
|
|
675 |
|
Short-term debt repaid |
|
|
(396 |
) |
|
|
(1,730 |
) |
Common stock issued |
|
|
12 |
|
|
|
13 |
|
Preferred and preference stock issued, net of issuance cost |
|
|
345 |
|
|
|
— |
|
Preferred or preference stock repurchased or redeemed |
|
|
(378 |
) |
|
|
— |
|
Commercial paper borrowing, net of repayments |
|
|
114 |
|
|
|
198 |
|
Dividends and distribution to noncontrolling interests |
|
|
(88 |
) |
|
|
(58 |
) |
Common stock dividends paid |
|
|
(595 |
) |
|
|
(555 |
) |
Preferred stock dividends paid |
|
|
(45 |
) |
|
|
(52 |
) |
Other |
|
|
105 |
|
|
|
61 |
|
Net cash provided by financing activities |
|
|
1,565 |
|
|
|
1,219 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
||
Capital expenditures |
|
|
(2,700 |
) |
|
|
(2,711 |
) |
Proceeds from sale of nuclear decommissioning trust investments |
|
|
2,477 |
|
|
|
1,967 |
|
Purchases of nuclear decommissioning trust investments |
|
|
(2,455 |
) |
|
|
(1,907 |
) |
Other |
|
|
8 |
|
|
|
1 |
|
Net cash used in investing activities |
|
|
(2,670 |
) |
|
|
(2,650 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
267 |
|
|
|
(719 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
|
532 |
|
|
|
917 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
799 |
|
|
$ |
198 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725152018/en/
Investor Relations: Sam Ramraj, (626) 302-2540
Media Relations: (626) 302-2255
News@sce.com
Source: Edison International
FAQ
What were Edison International's second-quarter 2024 earnings?
What is the 2024 EPS guidance for Edison International (EIX)?
What is the long-term core EPS growth rate target for Edison International?
What is the significance of the $200 million stock repurchase program announced by Edison International?
What progress has Southern California Edison made in hardening distribution lines in high fire risk areas?